Wemix Lost $6.22M in February Hack, CEO Admits Delay in Disclosure

In Brief:

Wemix lost 8.65 million WEMIX tokens ($6.22M) in a February 28 hacker attack, targeting Play Bridge Vault.

CEO Kim Seok-hwan admitted the delayed notification, citing security concerns but denied intentional concealment.

‍

Wemade’s blockchain subsidiary, Wemix Foundation, has revealed that a hacker attack on February 28 resulted in a loss of $6.22 million worth of WEMIX tokens. The breach occurred through stolen authentication keys from the NFT platform "Nile", enabling attackers to compromise the Play Bridge Vault system.

‍

At an emergency meeting, CEO Kim Seok-hwan acknowledged the delay in notifying the public, explaining that it was to prevent further attacks and market panic. He denied any intent to cover up the incident. The company has reported the hack to police, launched a 100 billion won ($75M) buyback program, and aims to restore full services by March 21.

Meanwhile, the Korea Digital Asset Exchange Association (DAXA) has flagged WEMIX with a trading warning and suspended deposits.

‍